BEIJING, May 20 -- China's major commercial banks on Tuesday announced reductions in deposit interest rates, the first cuts this year.

The one-year fixed-term deposit interest rate was lowered by 15 basis points to 0.95 percent, announced by the Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, and China Merchants Bank.

After the adjustment, the rates for fixed-term deposits now stand at 1.05 percent for two years, 1.25 percent for three years, and 1.3 percent for five years.

This move follows two rounds of deposit rate cuts in July and October last year.

Also on Tuesday, China cut market-based benchmark lending rates, with the one-year loan prime rate (LPR) down to 3 percent from the previous reading of 3.1 percent. The over-five-year LPR, on which many lenders base their mortgage rates, was lowered to 3.5 percent from 3.6 percent.

Earlier this month, China implemented its first policy rate cut of the year, lowering the seven-day reverse repo rate from 1.5 percent to 1.4 percent.